The beverage and snack giant Pepsi (NASDAQ: PEP) is scheduled to announce second-quarter financial results on Tuesday before the bell. Consensus forecast EPS of $1.53 on revenue of $17.98 Billion. Pepsi stock reached a new all-time high of $150.70 last week, the bullish rally supported by strong demand for sports drinks.
Asian stocks traded higher on Monday following the release of upbeat Chinese trade balance data. The data showed China’s June trade surplus increased by $51.50 billion and June Exports grew by 32.20%. Meanwhile, the US stock futures trading unchanged ahead of the release of US banks Q2 financial results.
Crude oil prices recovered from the previous session losses ahead of US API inventory data. However, the overall momentum remains mixed as the Oil traders continue to assess the spread of the Delta coronavirus variant and fresh updates from OPEC+.
In the currency market, the Euro slips against the dollar on Tuesday after the release of German inflation data. On the other hand, the Asian currencies like the Australian dollar and New Zealand dollar climbed to a fresh session high boosted by strong Chinese economic data.
The Safe-haven metal trading steady above $1800 on Tuesday ahead of US inflation data, which is set to be released at 12.30 GMT.
On the data front, Germany released the June Inflation figures. The inflation dropped to 0.4% in June from a 0.5% increase in May.
Worldwide, more than 187 million people have been confirmed infected and more than 4 million have died. The United States has confirmed over 33.8 million cases and has had more than 607,000 deaths from COVID-19, the highest totals in the world.
GBPUSD: The British pound retreat back to near the previous session lows after the Bank of England released a mixed financial stability report on Tuesday morning.
The important levels to watch for today: Support- 1.3840 and 1.3800 Resistance- 1.3900 and 1.3940.
GOLD: The yellow metal hovers near the $1810 area. The near-term resistance is around $1820, any break over targets $1825/$1832. On the downside, the first immediate support around $1800 followed by $1795/90.
The important levels to watch for today: Support- 1800 and 1790 Resistance- 1820 and 1830.
Quote of the day: Investing money is the process of committing resources in a strategic way to accomplish a specific objective. – Alan Gotthardt.